Knives are cutting tools with a pointed blade edge or blade with sharpened edges utilized to chop, carve or slice different items. Knives serve different purposes including kitchen knives for food prep, pocket knives, hunting knives and others. Robust, durable and high-quality knife blades are always demanded across various industries like culinary, outdoor, military and industrial sectors.
The global Knife Market is estimated to be valued at US$ 4 Mn in 2023 and is expected to exhibit a CAGR of 9.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increasing Demand- One of the major trends driving the growth of the global knife market is the increasing demand for robust and durable cutting tools from various industries such as food processing, military & defense, and industrial sectors. Knives are essential cutting tools used across these industries. Moreover, the growing outdoor recreational activities like hunting and camping have also fueled the demand for specialized knives suitable for such activities. Advancements in knife making technologies along with introduction of novel and innovative knife designs catering to specialized application requirements are boosting the sales of knives globally. This rising demand is estimated to propel the global knife market growth over the forecast period.
Strength: The knife market has a wide range of applications in industries like food processing and defense. The demand for knives from food processing industry is growing significantly.
Weakness: Availability of substitutes like scissors and other cutting tools can hamper the growth of the knife market. Dependency on commodities like steel for manufacturing can impact the production cost of knives.
Opportunity: Emerging applications of knives in areas like camping, hiking and outdoor activities is creating new growth avenues. Innovation in knife designs catering to customized needs of end-users also presents opportunities.
Threats: Stringent government regulations regarding import and manufacture of knives. Growing concerns regarding knife crimes can negatively impact the demand.
The Global Knife Market Size is expected to witness high growth over the forecast period supported by growing food processing industry. The global Knife Market is estimated to be valued at US$ 4 Mn in 2023 and is expected to exhibit a CAGR of 9.8% over the forecast period 2023 to 2030.
The Asia Pacific region currently dominates the knife market owing to large population, growing middle-class and changing food consumption patterns in countries like China and India.
Key players operating in the knife market are CommScope, Comba Telecom, Laird Connectivity, Radio Frequency Systems, Rosenberger, Amphenol Procom, Mobi Antenna Technologies, Tongyu Communication, Shenglu Telecommunication, Cobham Antenna Systems.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it